just got back from wellington. Thanks for all the comments but would like to add some points.
All the share bonuses to the staff should be looked at. Roughtly it means they get the right to take up the options two years after they join the company at 20% above the price they were when they joined the company or 20% above the price when they agreed to take up the rights.
{Helen tells me that in the US staff get these options for no capital outlay.}
So if theses options are issued today at 1dollar they will have to be 1-20 when exercised.
I have to accept the hedging policy in place to satisfy bank lending policy but i have it from several directors that hedging will be kept to a minium in the future.
Agree that there should be no dividend until imputation credits are available,and also until the other two projects are at or very near production.At that stage i will be prepared to lead a lunch mod if more shares are issued to staff if no dividend is paid to shareholders.